Qurate Retail Group, Inc. (QRTEA) Tops Q1 EPS by 2c, Beats on Revenues

Qurate Retail Group, Inc. (NASDAQ: QRTEA) reported Q1 EPS of $0.37, $0.02 better than the analyst estimate of $0.35. Revenue for the quarter came in at $3.23 billion versus the consensus estimate of $3.19 billion.

First quarter operating results:

• Qurate Retail revenue of $3.2 billion
  • Qurate Retail eCommerce revenue of $1.8 billion
• Qurate Retail reported EPS of $0.30 and adjusted EPS(2) of $0.49
• Total QVC revenue up 7% as reported; up 2% in constant currency(3) on a comparative basis excluding impact of new accounting standards
  • QVC US revenue up 3% as reported, up 2% on a comparative basis
  • QVC International revenue grew 2% on a constant currency(3) basis
• Total QVC customers grew 2% to 12.9 million and zulily customers grew 24% to 6.1 million
• Total QVC mobile penetration was 66% of QVC.com orders, a 410 basis point increase
  • QVC US mobile penetration was 65% of QVC.com orders, a 380 basis point increase
• zulily revenue grew 17%
  • Operating loss decreased 26% and adjusted OIBDA(2) grew 80%

“We are pleased to continue our positive revenue performance at QVC and zulily,” said Mike George, Qurate Retail’s President and CEO. “QVC US grew revenue for the third consecutive quarter and QVC International continued its track record of growth. zulily built on the momentum from late 2017 and generated mid-teen sales gains. In addition, QVC and zulily posted solid new customer acquisition in the quarter, and QVC continued to extend its reach to developing platforms like Roku and Facebook Live and grow customer engagement. While HSN and Cornerstone results remain challenged, we are confident in our ability to turn around both businesses.”

“We were pleased to complete the split-off of GCI Liberty, creating an asset-backed stock for our company that has been renamed Qurate Retail, Inc. This new streamlined structure allows us to hone our focus on offering the most engaging shopping experiences through a collection of like-minded businesses,” said Greg Maffei, Qurate Retail Executive Chairman. “Among our other holdings, we expect the announced sale of ILG to net approximately $200 million of after-tax cash proceeds and approximately $325 million in Marriott Vacations equity.”

For earnings history and earnings-related data on Qurate Retail Group, Inc. (QRTEA) click here.

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